When & How Much to Pay on Your Credit Card to Increase Your Credit Score FAST!

I’ll tell you exactly how to improve your credit score, and according to credit karma, I have a 766. Btw anything above 750 is excellent credit, you need a perfect credit score.

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1. What is a Credit Score and how it works
– All a credit score proves is that you good at servicing debt
– This means you pay on time, you don’t owe a lot of money and you have a healthy mix of credit and lastly that you not out here applying for a bunch of debt all the time
– Also Who is this information for, its for banks and the lenders of the world; this use this information to it easier to see if you are a good potential borrowers

So for example:
– Here is a picture with the 5 factors of credit
– And remember there is no way to build credit without debt
– Because it’s based on your debt history

Remember:
– The literal definition of credit is you being able to buy something and pay later
– So in order to establish credit you need to borrow money
– To prove you can borrow money ( reminds of graduating from college, and every job needed experiences lol )

2. Why is Credit Important to you as individual
– Forgot about country borrowing money, or business borrowing money
– Let’s focus on why you want to build credit
– And if you’re anything like me, they probably told you the exact same story

For example:
– You need credit to buy a car
– You need credit to buy a house
– To save money on traval
– To get points
– To take out loans

However, it all comes down to one thing: you need to borrow money for things you can’t afford in cash ( that’s a simple truth )

But here is what they don’t tell you:
– You don’t need credit to buy a car, house, or travel or any of stuff
– You save up and buy a car for cash and avoid buying a new depreciating asset
– And when it comes to a house, the bank does manual underwriting, and checks your creditworthiness based on your income, Bill payments, and so on. ( you already have a level of credit if you have a job, pay bills and everything else )

Why Promote like they do all those magical things:
– Because credit cards companies just want to give you a reason to participate in the game
– And when you play this game, usually they end up winning
– And 80% of Americans have some form of debt ( and if the banks can make 4%-35% in interest why wouldn’t they )

3. How to build credit the correct way
– First of all if you have debt, pay it all off excluding the mortgage ( use the avalanche method, pay the debt with the highest apr first to save money )
– But the method I used for building credit is Called the “one Bill Method”

How it works:
– You just need to put one recurring bill on your credit card ( like Netflix, internet bill or even your phone bill)
– Set your credit card to auto-pay in full each month
– Lastly cut the credit card, so you don’t use it ( and their so smart that after a while they’ll send you a new one, don’t use it and cut it again )

This way:
– You target the two most important things
– Low utilization and payment history
– And your credit score goes up

But remember:
– You don’t need credit but it’ll make things easier because it’s the language a lot of these bankers use
– Make sure to only really use credit when it comes to buying a house
– And if you don’t know how to ( look at the video the 33% on real estate by Tommy Bryson )

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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